Banking & Finance

JOHANNESBURG: Kenya is expected to keep interest rates stable on Nov. 28 ahead of an expected rate rise in the United States while cautiously dealing with the impact of new banking regulations, a Reuters poll found on Friday.The shock of trade-sceptic Donald Trump ascending to the top office of the world's biggest economy has wrong-footed African countries, many of which have enjoyed beneficial trade agreements.A stronger dollar and higher Treasury yields in the wake of Trump's victory are also pressuring emerging economies. In a poll taken since the start of the week, 12 analysts expect Kenya's central bank to hold rates at 10 percent while two said the Bank will cut rates by 50 basis points and one opted for easing of 100 basis points. The Bank has cut rates by 150 basis points this year. Though it seems the Central Bank of Kenya has some wiggle room to cut ...

ROME: A 5 billion euro ($5.3 billion) recapitalisation plan to keep Banca Monte dei Paschi di Siena (MPS) in business will work, Italian Economy Minister Pier Carlo Padoan said on Friday. MPS shareholders approved the plan on Thursday but investors have failed to give it firm backing so far, partly due to worries about political risk ahead of a Dec. 4 referendum. "The plan works," Padoan said in an interview on Sky television. "It's clear ...

BOGOTA: Colombia's central bank will likely hold the benchmark interest rate unchanged on Friday for a fourth month as policymakers attempt to quell stubbornly high inflation even as economic growth slows.The seven-member board may begin discussing the timing of its first rate cut since March 2013 but will probably keep the rate at 7.75 percent to ease inflationary pressure. The bank will also take a close look at data for third-quarter economic growth, due out ...

MOSCOW: The Russian central bank said on Friday that deposit auctions would be the main tool it will use next year to manage a structural liquidity surplus. The bank added in a statement that the structural liquidity surplus could last a long time. Copyright Reuters, 2016 ...

KUALA LUMPUR: Malaysia's central bank said on Friday that enough liquidity is available for financial markets to function smoothly, after the regulator's move last week to halt trading of its currency in offshore markets spooked local and global investors. The bank said non-resident market participants such as companies, global asset and fund managers, and clearing and custodian banks continue to do transactions in financial markets."A number of foreign banks have begun discussing with BNM on ...

MUMBAI: India's central bank intervened heavily in morning trade on Friday as the rupee fell to around 68.65 per dollar, approaching the record low hit in the previous session, traders said. The intervention sparked a sharp rebound in the rupee, which was trading at 68.4750 per dollar as of 0432 GMT, up from its 68.7350 close on Thursday.The rupee fell to a record low of 68.8650 on Thursday, pressured by a rallying US dollar, capital ...

SYDNEY: Australian banks ANZ and Macquarie on Friday agreed to pay Aus$15 million (US$11 million) in fines for trying to manipulate the benchmark rate of the Malaysian ringgit.ANZ admitted to 10 instances of attempted cartel conduct and Macquarie to eight relating to setting the daily rates for derivative instruments linked to Malaysia's currency in 2011.The Australian Competition and Consumer Commission (ACCC) said both banks had cooperated with their investigation, with ANZ agreeing to a Aus$9 ...